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What is Product Differentiation?

Define Product Differentiation.

Answers

Maurice
Product Differentiation involves adding unique features that will increase the perceived value of goods and services in the minds of consumers so they are willing to pay a higher price. Ideally, a firm following a differentiation strategy aims to achieve in the minds of consumers a level of value creation that its competitors cannot easily match. The focus of competition in a differentiation strategy tends to be on unique product features, service, and new product launches, or on marketing and promotion rather than price.
maurice.mutuku answered the question on April 16, 2019 at 12:34

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